Ignoring the Austrians Got Us in This Mess

By

Randall W. Forsyth

Updated March 12, 2009 12:01 a.m. ET

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"WILL CAPITALISM SURVIVE?" was the question before the lunch table Wednesday. "It hasn't been tried," I replied, "at least not since the McKinley administration and certainly not since 1914," when the Federal Reserve started operations in earnest.

In doing my conservative curmudgeon act, I probably came across as supercilious. But my response also reflected my reaction to the smug contempt toward free-market philosophy in general and Ronald Reagan and his lesser successors in particular expressed...

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